KanAm's Grundinvest fund has cancelled the acquisition of the Citydel Business Center office building in Moscow. Contacted by PropertyEU, a KanAm confirmed Russian media reports saying the firm was not completing the deal.
KanAm's Grundinvest fund has cancelled the acquisition of the Citydel Business Center office building in Moscow. Contacted by PropertyEU, a KanAm confirmed Russian media reports saying the firm was not completing the deal.
The German open-ended fund manager reportedly pulled out of the deal to preserve liquidity in its Grundinvest fund after it was re-opened for redemptions in June.
The acquisition of the 35,000-m2 property was originally announced in October 2008. The financial details were not disclosed but it was speculated the investment volume was to be around EUR 600 mln. In the same month, KanAm announced it had pulled out of the acquisition of the OpernTurm trophy office tower development in the Frankfurt.
